Policy Management Software Market to Hit $3.06 Bn, Globally, by 2027 at 15.7% CAGR, Says Allied Market Research
Surge in adoption of policy management software by several industries and rise in need to streamline business have boosted the growth of the global policy management software market.
PORTLAND, Ore., June 23, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Policy Management Software Market by Component (Solution and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Energy & Utilities, Healthcare, Government & Defense, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global policy management software industry accounted for $962.18 million in 2019, and is expected to $3.06 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in adoption of policy management software by several industries, increase in need for faster management of procedure and policies across the industries, and rise in need to streamline business have boosted the growth of the global policy management software market. However, high implementation and maintenance costs and rise in security issues hinder the market growth. On the contrary, adoption of cloud-based policy management software among SMEs is expected to open lucrative opportunities for market players in the future.
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The solution segment held the largest share
By component, the solution segment held the lion's share in 2019, accounting for nearly three-fourths of the global policy management software market, due to rise inneed to manage policies, procedures, and protocols across the globe. However, the service segment is expected to manifest the highest CAGR of 17.0% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of policy management software.
The healthcare segment to manifest the highest CAGR through 2027
By industry vertical, the healthcare segment is estimated to register the highest CAGR of 18.3% during the forecast period, due to rise in need to improve the operational efficiency of hospitals and achieve healthcare compliance through automated approval lifecycle management, distribution, publication, and tracking of procedures and policies. However, the BFSI segment held the lion's share in 2019, contributing to more than one-fourth of the global policy management software market, owing to increase in the awareness of policies among the employees and providing advanced search features to their clients.
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North America dominated the market
By region, the market across North America held the largest share in 2019, contributing to more than one-third of the market, as businesses in North America have been adopting policy management software to easily manage various types of policies and other protocols. However, the global policy management software market across Asia-Pacific is estimated to portray the highest CAGR of 17.4% during the forecast period, as key players of the market have been establishing their presence in the emerging countries including China and India.
Key market players
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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